The Bad CHOICE Act – Dodd-Frank Alternative

Posted on by
2

The Bad CHOICE Act

posted by Adam Levitin

ADAM LEVITINI’m testifying before House Financial Services tomorrow regarding the “CHOICE Act,” the Republican Dodd-Frank alternative.  My testimony is here.  It’s lengthy, but it doesn’t even cover everything in the CHOICE Act–there are just too many bad provisions, starting with the idea of letting megabanks out of Dodd-Frank’s heightened prudential standards in exchange for more capital, then moving on to a total gutting of consumer financial protection, and ending with a very poorly conceived good bank/bad bank resolution system executed through a new bankruptcy subchapter.  The only good thing about the Bad CHOICE Act is that it has little chance of becoming law any time soon. 

Reblogged from Credit Slips – Read More HERE.

Excerpt: “The CHOICE Act also has numerous provisions that make it difficult for the SEC to pursue enforcement actions and achieve meaningful relief. These provisions reduce the SEC’s deterrence ability and thereby embolden financial fraudsters whose malfeasance can reverberate throughout the financial system. Among other provisions, the CHOICE Act:

  • requires the SEC to make additional findings before levying civil monetary penalties against issuers.24 Thus, while the CHOICE Act increases financial fraud penalties with the one hand,25 with the other it ensures that those penalties will rarely be imposed.
  • repeals the SEC’s authority to issue officer and director bans.26 This means that even the worst fraudsters will continue to be able to participate in securities markets.
  • eliminates automatic bad actor disqualification from securities law exemptions even for firms that have been convicted of felonies. Apparently a convicted felon cannot be trusted with the right to vote, but can be trusted with pension funds and retirees’ savings. [CHOICE Act § 419]”

“Maybe You Can Reverse Brexit” – Jamie Dimon Chimes In On How To Ignore The Voters

Posted on by
3

Brexit-ers won’t be inviting Jamie in for tea any time soon.

justiceleague00's avatarJustice League

You can’t fix stupid. No, Jamie, you can’t reverse the Brexit!

 Zerohedge:

Dimon’s next comment, as reported by Bloomberg, is the key – Dimon was discussing the results of Brexit and specifically the use of the “passport rule” which currently enables companies with operations in the UK to sell their services to the other 27 nations in the bloc. If the UK can’t win continued use of the passport rule, Dimon said he would be “forced” to consider shifting his 16,000 UK-based staff…

“If we have that passport after Brexit, we likely would not have to make any change at all. But I think the European Union will not accept that. It will put more conditions on the UK and might force banks to become smaller in London.”

However that wasn’t the end, that was actually Dimon setting himself up for this amazing comment – suggesting that Brexit…

View original post 67 more words

David Dayen: Mortgage Companies Seek Time Travelers to Find Missing Documents

Posted on by
1

CoreLogic is full of baloney. The foreclosure crisis started before Lehman died…and there were over 14 million foreclosures by 2010. Think about the numbers. By 2009 the banks’ PR was being released in percentages. MERS depos talk about 72 million MERS mortgages. Another 20-30 million were no MERS. Figure roughly 100 million homeowners were scammed and on the way to the foreclosure slaughter. 6.2 million, baugh humbug! Way low. Maybe in 2009 alone – or they got it confused with jobs lost…

Story of our American National Anthem – Celebrate Our Independence on the 4th of July!

Posted on by
Reply

Thank you Officer John Majka for posting this awesome video. May this video live on and be shared forever. Have a safe and outstanding 4th of July 2016 …and beyond!

Published on Aug 4, 2014
This is a repost of a video from Facebook with credit to the original post author and his comments below.

Here is a video I produced several years ago that tells the true story of our National Anthem. I GUARANTEE you, if you watch this video, you will never think of our National Anthem in the same way again. May God bless America on our Independence Day!
By Robert Surgenor

BofA, Citi, Others Hit With Singapore Rate-Rigging Suit

Posted on by
Reply

justiceleague00's avatarJustice League

Law360, New York (July 1, 2016, 11:00 PM ET) — Citibank NA, Bank of America and dozens of other financial institutions were hit with a putative class action in New York federal court Friday by investors alleging a “massive conspiracy” to rig the prices of financial derivatives linked to Singapore’s benchmark interest rates.

The suit filed Friday by FrontPoint Asian Event Driven Fund and Sonterra Capital Master Fund stems from an investigation by the Monetary Authority of Singapore that found that 133 traders at 20 banks around the globe had attempted to manipulate submissions used to…

Source: Law360

View original post

One American’s True Story: “How I Went From Middle Class To Homeless”

Posted on by
2

https://deadlyclear.wordpress.com/2012/02/08/a-leopard-doesnt-change-its-spots-dont-expect-wall-street-banks-to/

Too bad the politicians don’t understand that construction, construction manufacturing, housing and labor were 2 big fat tires on the old truck of the economy that have been flatten by the corruption of the Wall Street securitization Ponzi scheme and melted our economy. The truck isn’t going to be moving anytime soon because when the tires blew out it took with it an entire generation of construction companies and workers who were headed for retirement… Retirement – that’s a joke, yeah?

https://deadlyclear.wordpress.com/2012/08/13/how-far-from-the-truth-will-they-venture-to-go/

justiceleague00's avatarJustice League

Read more from Zerohedge. Click here.

View original post

David Dayen: The Foreclosure Sleuth

Posted on by
3

Coinciding with the discoveries in Florida, on the other side of the continental US in Oregon, was an even deeper intellectual find. Obsessed with his own loan misrepresentation, architect Ken Dost dug down into the foundation of the scheme and discovered the USPTO patents for the software systems, trademark assignments and virtually built out the system with the banksters own paperwork. As if to make the “new” securitization process legal – the banks patented every single move from solicitation to REO and beyond. Ken could easily see the “intent” to defraud from the structure of the patents. No one else had the time or inclination to read 20 years of patent works, but Ken diligently hammered away linking every source and every step. He could see when the software systems were “relaxed” to enable “no doc” loans. Ken could also see that fraud detection was built in early-on into the patented systems but rarely used by the banks – moreover, it was [intentionally] ignored. Ken’s rabbit hole is more complex but it is essential to the overall system of fraud.